How To Pass On Your Assets To Your Children

How To Pass On Your Assets To Your ChildrenThere is no bigger peace of mind than knowing your children would be taken care of if you were to pass away suddenly. We don’t always have the luxury of knowing when we will die. That is why having a firm estate plan in place is such a necessity. The team at  Lucé Law is happy to assist you in putting together a sound estate plan through either a living will or trust, to ensure your children are financially secure after your death. Here is how it works.

Schedule a Consultation

The first step is to schedule a consultation with one of our experienced estate planning attorneys. Before your meeting, write down your questions and concerns so you can get answers during your meeting. You will meet with the attorney for a brief half hour or so to discuss estate planning. The attorney will make recommendations based on your assets and explain the process moving forward.

Creating Your Estate Documents

Depending on the type of estate plan you choose (will or trust) will dictate the paperwork and process you will go through. A will and trust have similar paperwork that you will need to follow. Think about which of your children will inherit what. You will need to know how your assets will be split amongst your kids, and if there are any specific gifts, who do they go to.

You Can Change Your Mind

A common misconception people have about wills or trusts is that once they are signed, they remain the same.  You can change your will or trust, as long as they are revocable. There is a very limited situation in which your trust or will would be irrevocable during your lifetime, and your attorney would explain those circumstances fully.

For more information about how to pass on assets to your children, contact the experienced attorneys at the Lucé Law Firm. Call 972-632-1300 for more details.